MOSCOW (Pakistan Point News / Sputnik - 29th April, 2022) Ireland is considering seizing Russia's frozen assets to pay for the reconstruction of Ukraine, Irish Foreign Affairs Minister Simon Coveney said.
Ireland has frozen some $1.26 billion in Russian assets in the course of the sanction campaign after Moscow launched its special military operation in Ukraine.
"Some member states (of the European Union) have proposed that assets frozen in the context of the situation in Ukraine could be seized, and used for purposes including the rebuilding of Ukraine. I have expressed openness to this proposal," Coveney wrote in a reply to Irish Labour politician Ged Nash, who asked him about steps toward confiscating frozen Russian assets, as quoted by The Irish Times.
Coveney added that an extensive further discussion is required "to ensure a robust and clear legal basis, as it would be a departure from the current practice."
The foreign minister noted that this measure aims to actuate changes in Russia's policy and behavior rather than punish Moscow.
The European Commission said earlier that it has frozen some $31.5 billion in assets of Russian and Belarusian individuals and entities, and has blocked $206 billion worth of transactions. Russian President Vladimir Putin said later that these actions undermine the reliability and credibility of Western countries.
On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian forces. In response, the EU rolled out a comprehensive sanctions campaign against Moscow, which includes airspace closures and restrictive measures targeting numerous Russian officials and entities, media and financial institutions.
